Surge in the number of first time business owners aged over 50

Research carried out by the online freelancer marketplace PeoplePerHour has reported that the number of people in their late 50s and 60s starting a small business or freelancing for the very first time has nearly doubled in the last 12 months.

It has been found that the 55 and over demographic has become the fastest- growing age group; PeoplePerHour have also seen an 88% rise in small businesses being registered on the company website in the past year.

The study also found that the top three sectors for new business start-up are interest-based businesses, retail and property.

PeoplePerHour CEO Xenios Thrasyvoulou said the following about the findings:

“The key to this growing trend of new small business owners, not just among the baby boomers, but across generations, is how easy and cheap it is now to set up a business and build a client base from scratch.

“Despite the stresses and money worries that are often associated with starting and growing a business, the rewards and overall satisfaction that people get from being their own boss clearly helps overcome many of the obstacles put in their way. The dream of being an entrepreneur is no longer just that.”

Other findings from the study included:

87% of the people asked said they were happy or very happy that they were being in control of their own destiny.

When asked why they started a business in the first place, 33% of the people responded that they worked for themselves for a better work-life balance, over 26% of them wanted to pursue a hobby or passion and 12% stated it was for financial freedom.

We would love to hear what you think about these findings, are you an over 50 new business owner?